{"id":426679,"date":"2020-02-23T17:24:53","date_gmt":"2020-02-23T16:24:53","guid":{"rendered":"https:\/\/ley57.com\/blog\/do-the-irph-have-a-few-days-to-live\/"},"modified":"2020-02-23T17:24:53","modified_gmt":"2020-02-23T16:24:53","slug":"do-the-irph-have-a-few-days-to-live","status":"publish","type":"post","link":"https:\/\/ley57.com\/en\/blog\/do-the-irph-have-a-few-days-to-live\/","title":{"rendered":"Do the IRPH have a few days to live?"},"content":{"rendered":"
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February 24, 2020. Article by Salvador Mar\u00eda. Lawyer Ley 57 Abogados.\r\n\r\nIRPH AND MARCH 3rd. \r\n\r\nA few days (March 3rd) of the resolution of the Court of Justice of the European Union on possible transparency control (declaration of nullity for abuse) of the IRPH clause inserted in mortgage loans, we want to give a general review before finally the uncertainty about what will happen with this type of stipulation is resolved.\r\n\r\n\u00a0\u00a0\u00a0\u00a0WHAT IS IRPH?\r\n\r\nThe IRPH is an official mortgage reference, published by the Bank of Spain which is determined through a simple average of data sent by each and every one of the entities that operate in the Spanish market.\r\n\r\nThat is, values \u200b\u200bof operations carried out by the Entities with their clients are taken in each period and an average is made with the data provided by the entities.\r\n\r\n\u00a0\u00a0\u00a0\u00a0WHAT DIFFERENCES ARE THERE WITH EURIBOR?\r\n\r\n\r\nThe main difference is its price. Loans referenced to Euribor normally have a higher differential, but even though the index (Euribor) is a lower interest rate, the amount of interest to be paid to the entity is lower with respect to loans with IRPH.\r\n\r\n\r\nLet's see the following graph:<\/span><\/pre>\n<\/div>\n
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As you can see the difference with Euribor shows that IRPH has always been above, so a loan with this benchmark will be more expensive.\r\n\r\nDO ALL MORTGAGE LOANS HAVE IT?\r\n\r\nThe answer is no. It is a reference that is rarely used and marketed.\r\n\r\nIn fact, if we go to official records (Statistical Summary of the Property Registry in Spain) we can see that in the last quarter of last year, only 0.39% of mortgage loans were referenced to this index, while a 57.05% went to Euribor.<\/span><\/pre>\n<\/div>\n
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This statistic has not always been this way and in the first decade of the century 20% of the loans were \"placed\" with IRPH among the clients of less theoretical \"solvency\", or according to the criteria of fulfillment of objectives of each entity.\r\n\r\nIn hundreds of cases analyzed we didn\u00b4t found that the bank explained to the family nothing beyond an alleged \"greater stability\" (which is false and you just have to see the previous graph to realize, \"and a\" minor \"differential (what which is a hoax because the starting \"price\" is always higher).\r\n\r\nJUDICIAL SITUATION.\r\n\r\n\r\n\r\nThe Provincial Court of Malaga has suspended the procedures in which the nullity of the \u201cIRPH clause\u201d is discussed pending the decision of the CJEU, being its decision of application by our courts, since this Court interprets the Law of the Union European and its resolutions are \u201cbinding\u201d.\r\n\r\n5.- WHAT CONSEQUENCES WOULD HAVE THE NULLITY OF IRPH FOR MY MORTGAGE?\r\n\r\nIn matters in which a favorable judgment has been obtained, more than 80,000 euros of overpaid interest have been recovered in a single mortgage.<\/span><\/pre>\n<\/div>\n
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